The IRD has started to use the Courts in some Australian states to sue NZ student loan debtors who are behind in paying. We are told that this trial will soon be rolled out across Australia. Other countries are likely to be next.
The IRD's usual practice is to bankrupt people it has sued.
What can you do? If there is a possibility you will need to go bankrupt, you are better off to choose your own timing for this, rather than letting the IRD do this for you. If you are put into bankruptcy by the IRD there is a much greater chance that the bankruptcy will last longer than the usual three years. Please contact us to discuss your situation. In some cases it will be possible for you to choose whether to go bankrupt now, or at a future date that suits you better.
If you want to avoid bankruptcy, please contact us as soon as possible so we can discuss the other options and get the IRD's agreement to your plan. If you wait until legal proceedings are served on you by the IRD, you will be in a weaker negotiating position, under extreme stress to find a quick solution, and it is likely that some of the resolution options will no longer be available to you.
The IRD's usual practice is to bankrupt people it has sued.
What can you do? If there is a possibility you will need to go bankrupt, you are better off to choose your own timing for this, rather than letting the IRD do this for you. If you are put into bankruptcy by the IRD there is a much greater chance that the bankruptcy will last longer than the usual three years. Please contact us to discuss your situation. In some cases it will be possible for you to choose whether to go bankrupt now, or at a future date that suits you better.
If you want to avoid bankruptcy, please contact us as soon as possible so we can discuss the other options and get the IRD's agreement to your plan. If you wait until legal proceedings are served on you by the IRD, you will be in a weaker negotiating position, under extreme stress to find a quick solution, and it is likely that some of the resolution options will no longer be available to you.